本课题以国有企业强力推行EVA考核为背景，结合中国的制度环境和国有企业特有的管理情境，将从理论上分析国有企业EVA考核、投资行为与可持续价值创造之间内在关系；通过深入国有企业的实地调查，在此基础上建立结构模型方程（SEM），探寻国有企业推行EVA考核、投资行为和可持续价值创造之间产生作用的路径和机制；利用资本市场数据，系统地检验国有控股上市公司实施EVA考核对投资行为的治理效应，即实施EVA考核是否有效地抑制了非效率投资和多元化投资，是否增加了可持续发展投资（R&D投资和社会责任投资），从而通过规范企业投资行为提升了企业的可持续价值创造能力。本项目研究将为治理国有企业经营过程中的"四大乱象"和构建以价值创造能力为核心的绩效评价与薪酬激励体系提供经验证据，为规范国有企业投资行为，推进企业优化资源配置、战略转型和可持续发展提供政策建议，同时也将进一步丰富和发展企业价值创造理论。

The researchers of this project will take the implement of EVA assessment in state-owned enterprises as the background and analyze the relationship among EVA assessment, investment behavior and sustainable value creation in theory with China's institutional environment and specific management situation of state-owned enterprises. Secondly, they will build a structure model equation (SEM) to explore the path and mechanism among EVA assessment, investment behavior and sustainable value creation based on the further investigation to state-owned enterprises. Thirdly, they will test the governance effect on investment behavior with the implementation of EVA assessment in state-owned Listing Corporation, which includes the following: Is the implementation of EVA assessment to effectively inhibit the inefficient investment and diversity investment or not? Is it or not to increase sustainable development investment (R&D investment and social responsibility investment) and enhance the ability of enterprise sustainable value creation? The goal of this research is to provide empirical evidences for constructing the performance evaluation and salary incentive system that takes the value-creation capability as the core.This research project can help State Asset Supervision and Administration Commission (SASAC) of China and provincial state asset supervision and administration commission to provide data reference and policy advice, and it also helps enhance the governance level of state-controlled enterprises. In addition, this research will further enrich and develop the enterprise value creation theory.